When it comes to estate planning, people can make several common mistakes. These mistakes can often have serious consequences, so it is vital to be aware of them. James H. Horton Law Firm, P.C. will discuss some of the most common errors people make when creating an estate plan. We will also provide tips on how to avoid these mistakes.
Common Estate Planning Mistakes
Some common mistakes people make during estate planning include:
- Not having a will: A will is a critical part of any estate plan. Without one, your assets will be distributed according to state law, which may not be what you want. Additionally, if you have minor children, you will need to appoint a guardian for them in your will.
- Not updating your beneficiary designations: Your beneficiary designations (for things like life insurance and retirement accounts) take precedence over your will. Soif you haven’t updated them in a while, your assets may not go to the people you want them to.
- Not planning for incapacity: Many people only think about what will happen to their assets after they die. However, planning for what will happen if you become incapacitated and can’t make decisions for yourself is just as important. This is where a power of attorney comes in handy.
How to Avoid Estate Planning Mistakes
There are several steps that can help you avoid common estate planning mistakes:
- You should clearly understand your assets and what you want to happen to them.
- Consulting with an experienced attorney can help you create a plan that meets your unique needs and meets necessary requirements.
- You should review your estate plan regularly and make changes as needed.
Contact an Attorney To Avoid Mistakes
If you have any questions about estate planning or want to start creating a plan, James H. Horton Law Firm, P.C. can help. Contact us now at (940) 310-6122 so that our dedicated Denton attorneys can help you in your case. We look forward to helping you protect your assets and ensure your wishes are fulfilled.